According to the report published by Grand View Research, global silicone elastomers market will reach $10.02 billion by 2022, increasing healthcare expenditure in emerging markets coupled with presence of sophisticated healthcare infrastructure in developed economies is also expected to fuel silicone elastomers demand over the forecast period.

Global Silicone Elastomers Market is expected to reach USD 10.02 billion by 2022, according to a new study by Grand View Research, Inc. Growth of key end-use industries such as construction, automotive and electrical & electronics, particularly in emerging markets of Latin America and Asia Pacific is expected to remain a key driving factor for the market growth. Increasing healthcare expenditure in emerging markets coupled with presence of sophisticated healthcare infrastructure in developed economies is also expected to fuel silicone elastomers demand over the forecast period. High production cost is expected to remain a key challenge for market participants over the next seven years.

High temperature vulcanize (HTV) was the leading product segment and accounted for 60% of total market volume in 2013. HTV is expected to continue its dominance over the forecast period. RTV is expected to witness the highest growth of 6.0% over the next seven years. Silicone can be manifested in various other forms such as adhesives, sealants, coatings, oils, lubricants and resins. These materials can be tailored to specific performance requirements.

Global silicone elastomers market demand was 1,010.5 kilo tons in 2014 and is expected to reach 1,505.4 kilo tons by 2022, growing at a CAGR of 5.3% from 2014 to 2022.

Construction emerged as the largest application segment and accounted for 44.1% of total market volume in 2014. Increasing construction spending particularly in India, China and Indonesia is expected to drive this segment over the forecast period. Silicone elastomers demand in healthcare industry is expected to witness robust growth over the next seven years.

Asia Pacific dominated the global silicone elastomers market with 55.6% of demand share in 2014. Asia Pacific is also expected to witness the highest growth of 5.9% from 2015 to 2022. Increasing construction spending coupled with positive outlook on regional automotive industry is expected to drive silicone elastomers demand over the next seven years. Favorable factors such as government initiatives to develop infrastructure can also be attributed for such promising growth opportunities.

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.